Ethereum prices have witnessed in the past seven days to finally touch the resistance area of $ 3,000 for the first time. This interesting move comes amid the increasing institutional attention resulting from the huge flows to the instant ethereum and Bitcoin climbing to the highest levels ever.
Ethereum has gained more than 17 % in the past seven days alone, reaching the highest new local level of $ 3,065. Interestingly, the upward technical structures began to appear that can send the ETH price to a new height at all. They now monitored classic upcoming upper settings, both of which are gathering to a large gathering on the horizon.
Cup and handle pattern points to 4,200 dollars if the hack is placed
The first analyst, known as Cryptosbatman on the social media platform X, participated in a daily scheme for ETHEREUM scales, where the pure “cup and handle” pattern is visible over the past four months. The pattern, which began in early March, shows a round bottom that has decreased to up to $ 1,400, followed by a simple unification of the shape of the handle. Now, the procedures for the last prices in the outbreak of the neck line caused about $ 2,850. The artistic drop from this neckline indicates a 45 % transition to the price goal of the price is just less than 4200 dollars.
According to this analyst, Ethereum’s outbreak of the cup and the handle pattern may be formed in the midst of the strong basics. ETHEREUM is now beating Bitcoin in terms of short -term revenues, and Excination reserves fell to its lowest level in eight years. These basic signals of strong holding Holding and reduce pressure from the sale side. With these scales that are in line with technical penetration, Cryptosbatman believes that ethereum can be in the queue for a high fracture at all, perhaps before the end of the Q3.
The weekly graph is echoed by the previous 42 % rally
Another technician in the encryption market, Cryptobullet, has expressed a similar feeling on the x social media platform. This analyst referred to the ETHEREUM weekly candle scheme to support his outlook. He pointed to the formation of a huge green candle last week, which paid the price to the top of the main supply resistance area about $ 2,850.
This step, as shown in the graph below, reflects the same structure that caused a 42 % crowd between February and March 2024, when ETH moved from 2900 dollars to nearly $ 4100 within weeks.
If this procedure is repeated in the price in this current setting, Ethereum may be again on the right track to test 4200 dollars in the three weeks to the next four. This puts the target schedule of $ 4200 at some point in August 2025. The projection appears with the vertical price square depicted in the above graph, which draws 42 % of the penetration area. Interestingly, this drop depends on the price level of $ 2800, which was previously resistance, and is now turning to support and prevent any continuous recovery less than $ 2900 to $ 2,850.
At the time of writing this report, ETHEREUM is traded at $ 2980, reaching the highest level of the day of $ 3,074.
Source: https://www.newsbtc.com